Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The company adheres to independent R & D, strengthens its core competitiveness, expands the market, and optimizes the customer structure. In the first half of 2025, both revenue and net profit maintained stable growth [30]. - The company's products, such as Xingqi Meiopin and Zirun, have broad market prospects. Xingqi Meiopin has a good market performance, and Zirun is expected to continue to contribute to the company's growth [30][43]. - The company will continue to increase investment in the field of ophthalmic innovative drugs, improve its independent innovation ability, and layout and develop more competitive ophthalmic innovative drug products [32]. 3. Summary by Directory 3.1. Research Basic Situation - Research object: Xingqi Eye - drops [16] - Industry: Chemical pharmaceuticals [16] - Reception time: September 1, 2025 [16] - Reception personnel: Vice - chairman and board secretary Zhang Shaoyao, director and general manager Gao E, director, deputy general manager and CFO Cheng Ya'nan, director and deputy general manager Yang Qiang [16] 3.2. Detailed Research Institutions - Many institutions participated in the research, including securities companies such as Guosheng Securities, Guotou Securities, and GF Securities; fund management companies such as Huaxia Fund, Hui'an Fund; and other types of institutions like Guojin Medicine, China International Capital Corporation [17][18]. 3.3. Main Content 3.3.1. 2025 Semi - annual Performance - Revenue in the first half of 2025 was 1.163 billion yuan, a year - on - year increase of 30.38%. Net profit attributable to shareholders of the listed company was 335 million yuan, a year - on - year increase of 97.75% [30]. - The proposed profit distribution plan for the first half of 2025 is to distribute 7 yuan in cash for every 10 shares based on the total share capital of 245 million shares, subject to the approval of the company's second interim shareholders' meeting in 2025 [30]. 3.3.2. Investor Questions and Answers - **Atropine Promotion and Sales** - Xingqi Meiopin has achieved wide coverage in in - hospital and out - of - hospital channels and received good market feedback. There are over 500 professional promotion personnel in the myopia prevention and control field, and the number will be adjusted according to relevant factors [30]. - It has been widely introduced into public hospitals and major private ophthalmic groups, and only one province has not completed drug access. As of the end of June, it has been stocked in nearly 17,000 retail pharmacies and launched on multiple platforms [31][32]. - The sales growth is driven by full - channel marketing, multi - party cooperation, and professional academic promotion. The company's core goals this year are to let over 20 million people know the myopia treatment plan and promote over one million children to receive standardized drug intervention [34][35]. - **R & D Pipeline** - The Class 1 therapeutic biological product SQ - 22031 eye drops have completed Phase I clinical trials and are conducting Phase II clinical trials for neurotrophic keratitis. The SQ - 129 vitreous slow - release injection has completed pre - clinical research and will conduct clinical trials for macular edema after approval [32]. - The company obtained the clinical summary report of "Efficacy and safety of different concentrations of atropine sulfate eye drops (0.02% and 0.04%) in delaying myopia progression in children" in October 2024, and the product is under review by the drug evaluation center [33][35]. - **Other Products and Market Outlook** - Zirun has achieved double - digit growth in the first half of 2025, and its annual sales outlook is optimistic due to the large number of dry - eye patients and its inclusion in the national medical insurance negotiation catalog [43]. - The company will continue to expand its international market for low - concentration atropine eye drops and is in the preliminary communication stage with overseas partners [46]. - The company plans to build a comprehensive R & D headquarters in the Shenyang area of the China (Liaoning) Pilot Free Trade Zone, focusing on ophthalmic R & D and equipped with top - notch R & D teams [47].